Stolt-Nielsen Agrees To Sell Terminals to Kinder Morgan

Wednesday, October 17, 2001
Stolt-Nielsen Transportation Group Ltd., a wholly-owned subsidiary of Stolt-Nielsen S.A., announced it has signed a definitive agreement with Kinder Morgan Energy Partners, L.P. for the sale of its Chicago, Ill., and Perth Amboy, N.J. bulk liquid terminal facilities for $70 million.

Closing is subject to standard conditions and the receipt of local regulatory and third party approvals. Providing these are obtained, it is anticipated that the transaction will be completed by the end of SNSA's fiscal year on November 30, 2001.

Reginald Lee, Chief Executive Officer of SNTG said, "We are pleased to announce this agreement with Kinder Morgan. While the Chicago and Perth Amboy facilities have historically been profitable, we have not been able to develop them as an integral part of SNTG's distribution network and divestment fits our overall development strategy. We will continue to expand our terminal network, either through direct investment or with alliance partners, in ports where we can integrate terminals with our distribution system and improve the efficiency of parcel tanker operations. This divestiture of non-core assets will enable us to paydown debt and deleverage the balance sheet."

Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Maersk Line Gets New Head in China

Maersk Line on May 21 announced that Mike Fang become the company's new chief of east - and central China. He joins with effect from 1 July 2015.    Fang has

Navios in Red, but Beats Estimates

Navios Maritime Holdings, vertically integrated seaborne shipping and Logistics Company, slumped to a loss in the Q1 although the result beat by $0.10 per share

Conrad Announces Management Team Changes

Conrad Industries, Inc. announced the appointment of Scott J. Theriot as Executive Vice President and Chief Operating Officer.   Johnny Conrad, President and Chief Executive Officer,

Cruise Ship Trends

Ostebo Chosen to Head CLIA

Thomas P. Ostebo will join Cruise Lines International Association (CLIA) as the organization’s new president and chief executive officer, effective July 6, 2015.

Norwegian Cruise Ship Ran Aground off Bermuda

The Norwegian Dawn cruise ship with more than 3,700 people on board ran aground in Bermuda after the vessel temporarily lost power.   Small boats, divers and

GAC Sets its Sights on UK Cruise Business

Cruise Manager appointed to coordinate integrated cruise support nationwide   GAC UK is boosting its services for the cruise industry with the appointment of Fergus Poole as Cruise Manager.

 
 
Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1498 sec (7 req/sec)